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As Powerball jackpot grows, financial advisor shares advice for what to do if you win

With the Powerball jackpot at $1.4 billion, CBS News Philadelphia talked to some neighbors about what they would do if they won. From traveling to quitting their jobs and buying homes for their friends and family, Philadelphians have some big ideas for all that money

Rob Wilson, a financial advisor, shared some advice for what winners should do before buying a dream home or quitting their jobs.

First up: Make a copy or take a picture of the winning ticket, Wilson said. 

"This might not necessarily absolutely prove your ownership if you have to go to court, but I would at least get a picture and a copy of it so that you have that in your possession. I wouldn't sign the ticket just yet because you want to talk to an attorney and your accountant to decide exactly how you want to claim the prize," Wilson said.

By how you claim, he means as an individual or perhaps as an LLC to protect your anonymity and shield you from lawsuits. In Pennsylvania, you cannot claim the prize anonymously. In New Jersey and Delaware, you can.

"I would tell your spouse, your accountant and your attorney, that's it," Wilson said. 

Wilson also recommends people take the money as a lump sum. If a winner takes the prize as an annuity and dies before it's cashed out, the annuity ends. The winner's next of kin wouldn't get the full amount.

Wilson also advises people to hire an attorney and work with two to three financial advisors.

"You never, ever want to sign a power of attorney to any of those advisors, which gives them an undue amount of authority over your winnings."

Budgeting is vital, Wilson said. So if you win big, have some fun, but plan for the future, and last but not least:

"The biggest thing that you should not do in this situation is go and start bragging about your win," Wilson said. 

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